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Jun 30, 2022
MBIA Q2 2022 Earnings Report
Reported a consolidated GAAP net loss due to mark-to-market gains on interest rate swaps, net gains on financial instruments, and a favorable variance of losses and loss adjustment expenses, partially offset by investment-related net losses and higher losses and LAE.
Key Takeaways
MBIA Inc. reported a consolidated GAAP net loss of $36 million, or $(0.72) per share, for Q2 2022, an improvement compared to a net loss of $61 million, or $(1.23) per share, for Q2 2021. The improved result was primarily due to mark-to-market gains on interest rate swaps, net gains on financial instruments, and a favorable variance of losses and loss adjustment expenses.
MBIA Inc. reported a consolidated GAAP net loss of $36 million, or $(0.72) per share, for the second quarter of 2022.
Adjusted Net Loss was $47 million or $(0.93) per diluted share for the second quarter of 2022.
Book value per share was negative $13.63 as of June 30, 2022.
National's insured portfolio declined by $0.6 billion during the quarter, ending the quarter with $34.6 billion of gross par outstanding.
Forward Guidance
There has been significant progress regarding the resolution of National’s Puerto Rico HTA exposure with the receipt of National’s anticipated recovery last month that represented about one-half of National’s total estimated recovery for its HTA exposure. National expects to receive the balance of its recovery after confirmation of the HTA’s restructuring plan, which is subject to court approval and the hearing is scheduled to start on August 17.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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